Tools, including hand tools and power tools, are extensively used at construction sites or other locations. Tools belonging to one or more entities (e.g., a construction company, a public utility, etc.) may be stored at a distribution center and then used by one or more work groups or crews at various locations. Frequently, tools can be misplaced or lost. Tools can also be stolen by an unauthorized person and removed from a particular location. Misplaced and lost tools are a significant problem for several industries, such as public utilities, construction, and manufacturing. Lost tools reduce efficiency and productivity. Further, replacing lost tools is costly.